Man chief Fink pockets £3.2m

FALLING stock markets have proved a boon for Man Group chief Stanley Fink, who reaped a £3.2m salary and bonus package from the hedge funds company in the past financial year.

The boom times at Man saw profits soar 21% to £193m and its share price jump from 835p to 1195p in the year to 31 March. This triggered bonuses of £1.4m and £1.7m for finance director Peter Clarke and managing director Kevin Davis. Non-executive chairman Harvey McGrath picked up a £272,000 salary.

Man's policy of tying remuneration heavily to performance was highlighted by the fact that Fink received a basic salary of only £350,000. But his £2.75m bonus makes him one of the highest-paid FTSE 100 executives. The trio's payments compare with the £1.5m salary and bonus paid to British American Tobacco chairman Martin Broughton and the £2.45m for Tesco chief executive Sir Terry Leahy.

However, with Man shares having fallen 18% this financial year, the executives' heavy reliance on the bonus component means the pay packages could plunge.